Reliance Global Group, Inc. (RELI) is a leading AI and cloud-based company engaged in the purchase and management of insurance agencies in the US. The company provides insurance for different sectors such as personal, commercial, healthcare, transportation, and employee-oriented products. One of the lead candidates of the company is 5MinuteInsure.com
The price of RELI Stock during the regular trading on December 23, 2021, was $4.32 with a sharp decline of 10.74%. During the aftermarket, the stock was further down by 5.09%.
Events and Happenings in RELI
On December 23, 2021, RELI reported a private placement of preferred stock, common stock, and warrants with institutional investors for gross proceeds of $20.0 million. The offering will close on December 27, 2021. On December 22, 2021, RELI reported that about its entry into a definitive agreement to purchase Medigap Health Insurance Company.
On December 15, 2021, RELI reported that the top management of the company presented at the Benzinga All Access event held on December 16, 2021. On December 07, 2021, RELI reported about the launch of 5MinuteInsure.com services in eight US states including Connecticut, Illinois, New Mexico, Nebraska, South Dakota, Nevada, Vermont, and Wisconsin. On November 29, 2021, RELI reported about its successful launch of 5MinuteInsure in Missouri, Alabama, Iowa, and West Virginia.
On November 15, 16, 17, and 18, 2021, RELI reported about the successful launch of 5MinuteInsure.com in Tennessee, Virginia, North, and South Carolina respectively.
RELI: Key Financials
On November 10, 2021, RELI reported the financial results for the third quarter ended September 30, 2021. Some of the key highlights are as follows
Revenue
A 54% increase in revenue was observed over the year as the revenue generated during the third quarter of 2021 was $2.6 million as compared to the same period of 2020 when it was $1.7 million.
Net Loss per Share
Basic and diluted net loss per share was $0.59 million or $0.05 per share for Q3 2021, as compared to $1.2 million, or $0.30 per share for the same period the prior year.
On November 03, 2021, RELI reported about the successful launch of 5MinuteInsure.com in Michigan and Arizona. On October 19, 2021, RELI reported that that the top company management presented at the Dawson James Securities Small Cap Growth Conference held on October 21, 2021.
Conclusion
The price of RELI stock dropped 93% from the past month mainly due to uncertain market conditions. The company should make investor friendly policies so that the consumers are attracted towards this potential market. The analysts are confidant that the sound policies of the company will improve its rankings and also its market situation.
